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Redcare Pharmacy (RDC) investor relations material
Redcare Pharmacy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Rx revenues in Germany nearly doubled to EUR 503 million, securing a 67% market share and reinforcing market leadership in e-Rx among online pharmacies.
Group Rx revenues surpassed EUR 1 billion for the first time, now over 33% of total sales, supported by a landmark court ruling confirming Rx bonus legality for EU online pharmacies.
Major logistics expansions in Pilsen and automation in Sevenum increased capacity by up to 15 million parcels annually and reduced costs.
Customer base grew by 1.4 million, with Rx customers up by 0.6 million in 2025 and active customers reaching 13.9 million.
Digital health advancements, including PoPP, eGK, and Rx bonus model, improved Rx redemption and customer experience.
Financial highlights
Full-year revenues rose 24% to EUR 2.9 billion, with double-digit growth in both DACH and international regions.
Rx revenues increased 43% to EUR 1.1 billion, now 36% of total revenues; non-Rx revenues up 15.5% to EUR 1.9 billion.
Adjusted EBITDA grew 72% to EUR 57.4 million, with margin improving by 0.6 percentage points to 2.0%.
Orders processed increased by 19% year-over-year, reaching 43 million.
Cash position improved by EUR 26 million, with EUR 50 million from operating results and operating cash flow up to EUR 31 million.
Outlook and guidance
2026 guidance: total/group sales growth of 13%-15%, Rx Germany revenues above EUR 670 million, non-Rx growth of 8%-10%, and adjusted EBITDA margin of at least 2.5%.
Midterm (3 years) EBITDA margin target of 5%; long-term (5+ years) target above 8%.
No EBITDA guidance will be provided beyond the next financial year; focus will shift to EPS.
CapEx expected to fall below 2% of revenues after 2026; peak investment years in 2025 and 2026.
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